The existence of special circumstances, such as global crisis, correction in the domestic housing market, pension reform cost, ongoing productivity catching-up resulting in higher unemployment, authorises the Council to allow the correction of the excessive deficit in a medium term rather than in the year following the initiation of the excessive deficit procedure.
The existence of special circumstances, largely resulting from the global economic crisis, which entailed a collapse of exports, a sharp tightening of mortgage loans and corporate loans as well as the ongoing structural shift in the economy, which also contributes to quickly rising unemployment rates, authorises the Council to allow the correction of the excessive deficit in a medium term rather than in the year following the initiation of the excessive deficit procedure.